Why we invested in Multliquid

The Venture Dept. is proud to share our investment in Multiliquid, alongside Metalayer Ventures, Strobe Ventures, CMT Digital, Generative Ventures, and a number of strategic angel investors, to build a neutral, institutional-grade liquidity and execution layer for tokenized finance. Uniform Labs is the company behind Multiliquid, which serves as its flagship product and public-facing brand.

At the protocol layer, Multiliquid enables 24/7 atomic settlement and instant swaps across a growing set of fiat-referenced, on-chain assets, including regulated stablecoins and tokenized money market and treasury funds. By abstracting away issuer-specific constraints, custody mechanics, and settlement windows, Multiliquid is designed to make these assets interoperable without compromising compliance or control. On top of this infrastructure, the company is building an application layer delivering easy to use 24/7 sweeps, instant RWA redemptions, and institutional MMF swaps and repos. Together, these products aim to make the default form of on-chain value a risk-free, yield-bearing asset that can be converted into payment-grade stablecoins only when needed.

Here’s why we invested.

1. Core infrastructure for fungible tokenized money.
   The financial system is entering a phase where multiple forms of tokenized, fiat-referenced money are emerging in parallel: stablecoins, tokenized bank deposits, tokenized money market funds, tokenized treasury funds, and, in some jurisdictions, central bank digital currencies. While these instruments differ in wrapper and regulatory treatment, they represent economically similar claims on fiat value. In practice, they should be fungible and interoperable. Today, they are not. Instead, liquidity is fragmented across issuers, products, and compliance regimes, with no neutral layer to connect them. Multiliquid is being built to fill this gap by acting as a market-neutral execution and settlement layer that allows value to move freely across these forms of tokenized money. As tokenization accelerates, this connective infrastructure becomes not just valuable, but necessary.

2. A translation layer between yield-bearing and payment money.
   As regulatory frameworks mature, clearer boundaries are emerging between which on-chain instruments can bear yield and which can function as payment assets. Payment stablecoins are optimized for settlement and acceptance, but are generally constrained from distributing yield. Tokenized money market and treasury funds, by contrast, are designed to generate yield but are not payment-native. Multiliquid sits between these two worlds. It enables users to hold value primarily in yield-bearing tokenized assets and convert into non-yield-bearing, payment-grade stablecoins only at the moment of use. This translation can be automated, atomic, and highly efficient, allowing capital to remain productive by default while preserving instant liquidity for payments. This ability to separate where value is stored from how it is spent is a core advantage of programmable finance, and Multiliquid is purpose-built to enable it.

3. A founder uniquely positioned to bridge traditional and on-chain finance.
   Will Beeson is uniquely suited to build this kind of infrastructure. He has experienced both sides of the financial system, having helped build a challenger bank in the UK and later worked inside a global bank, leading tokenization initiatives at Standard Chartered. This combination has given him a deep understanding of regulatory expectations, institutional workflows, and legacy financial infrastructure, alongside a clear view of where on-chain systems can be structurally better. Will has also advised numerous fintech and stablecoin projects across Europe and the U.S. and brings a long-standing network through his work hosting the Rebank podcast. We believe this perspective is critical for building a neutral platform that can credibly connect traditional finance with tokenized markets.

We’re thrilled to partner with Uniform Labs and Will as they build Multiliquid. It is a rare opportunity to back foundational infrastructure at a moment when the architecture for tokenized money and stablecoin settlement is still being defined.